Answer:
Amount [tex]= 2827.2[/tex] dollars
Explanation:
Given
principal amount per month [tex]= 190[/tex]
Total time period [tex]= 4[/tex] years [tex]= 48[/tex] months
Monthly rate of interest [tex]= 0.45[/tex]
As we know that
[tex]A = P * (1+ \frac{r}{n}) ^{nt}[/tex]
Where A is the amount
P is the principal amount
r is the rate of interest
n is the number of times interest applied over the total time period
t is the total time period
Substituting the given values in above equation, we get -
[tex]A = (190 * 12) * ( 1 + 0 .0045)^{48}\\A = 2280 * 1.24\\A = 2827.2[/tex]
